Order the photo of the fugitive Indian businessman Mehul Choksi, who was arrested by the law enforcement authorities of Belgium, who traded at the request of the Central Bureau of Investigation (CBI), in April | Photocredit: Ani
The bail of fugitive diamond dealer Mehul Choksi, wanted in India in connection with a fraud of more than £ 6,300 crore in the Punjab National Bank (PNB), was again rejected by a court of appeal in Belgium, just before his extract hearing for a court in that country, said civil servants.
The court rejected the appeal to strong reasons that the CBI transferred to the Belgian prosecution that Choksi had previously escaped from many jurisdictions to also avoid legal proceedings and to flee to another country when they have been assigned to bail, they said.
Choksi was arrested in Belgium in April on the basis of an extradition request sent by the CBI, they said.
His earlier bail request, heard by the Court of Cassation in Belgium, was also rejected, they said
Choksi submitted a bail request on 22 August and offered to be under the house arrest – under supervision at home – but the Court of Appeal rejected it earlier this week, they said.
The arguments in the delivery case of the 66-year-old Choksi, the owner of Gitanjali Group, will be admitted to a court in Belgium in mid-September, they said.
The CBI will help Belgian persecution to put forward a strong case to send him back to India to be tried against him in cases.
Choksi and his cousin NIRAV Modi are being sought in the £ 13,000-crore fraud in the National Bank of Punjab that they reportedly have orchestrated by fraudulent letters in Connivance with some bank officials in the Brady House branch in Mumbai, they said.
Modi, explained a fugitive economic perpetrator, has been submitted in a London prison since he was held by the authorities in 2019 on the basis of a legal request from the ED and the CBI in this case. He disputes extradition to India.
The CBI had sent a team of civil servants to Brussels who provided details about the case, evidence and documents to the Belgian prosecution, who will present the case. The CBI will also hire a European law firm to help in the case, they said.
Choksi is confronted with matters under the sections of the Indian Penal Code (IPC) with regard to criminal conspiracy, cheating and counterfeiting accounts, in addition to the provisions of the prevention of corruption, all of which form crimes in Belgium. This helps to call up the double crime clause of the extradition treaty while looking for his extradition.
The CBI has also invoked the United Nations Convention against Transnational Organized Crime (UTOC) and the United Nations Convention against Corruption (UNCAC) in its extradition request.
At least two open arrest statements, issued by a special court in Mumbai in 2018 and 2021, were shared by the Indian agencies with their Belgian counterparts as part of the extradition request, according to the sources.
According to the research agencies, officials from PNB’s Brady House Branch in Mumbai in March-April 2017 have published 165 LOUS and 58 FLCs, against which 311 accounts were taken into account.
These Lous and FLCs are said to have been spent on Choksi companies without any sanctioned limit or cash margin and without making submissions in the central banking system of PNB to avoid a check in case of a standard.
Lous is a guarantee given by a bank on behalf of her customer to a foreign bank. If the customer does not repay the Foreign Bank, the liability falls on the warranty bank.
Based on this Lous by PNB, money was lent by SBI, Mauritius; Allahabad Bank, Hong Kong; Axis Bank, Hong Kong; Bank of India, Antwerp; Canara Bank, Manama; And State Bank of India, Frankfurt.
“Since the accused companies did not repay the amount availed of Against the Said Fraudulent Lous and FLCS, PNB Made the Payment of ₹ 6.344.97 CRORE ($ 965.18 Million), including overdue benches, whatich had advanced had advanced had advanced bencher had advanced had advanced had advanced had advanced had advanced had advanced bencher, whatich had advanced banksed benchered benchered benchered benchered benchered benchered benchered benchered bencher. The Fraudulent Lous and FLCS Issued by the PNB, “The CBI’s supplementary Charge Sheet in the PNB Bank fraud case had claimed.
Published on August 30, 2025
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